Maran clears 40 FDI proposals for Rs 76cr

NEW DELHI: Union commerce and industry minister Murasoli Maran has cleared 40 foreign direct investment proposals worth Rs 76 crore.
The proposals cleared include one from USA Communication Technology Ltd seeking conversion of loans of Rs 42.03 crore into equity in Kolkata-based Usha Comm India Pvt Ltd, the telecom sector software products developer.
Zambon BV’s proposal for investing Rs 9.60 crore to raise stake to 100% in its Indian arm for export of pharmaceuticals, bulk drugs and pharmaceutical formulations from India was also cleared.
Japanese company Raykay Inc has been permitted to pick up 13.88% equity in Web developer Friday Content Solutions Pvt Ltd at a cost of Rs 4.67 crore.
US-based Illinois Tool Works Inc has also been permitted to increase foreign equity in Pune-based ITW JEJU Industries Ltd to 100%.